Prime Minister Narendra Modi inaugurated the Emerging Science and Technology Innovation Conclave (ESTIC) in New Delhi on 3 November 2025. During the event, he announced the launch of a massive ₹1 lakh crore Research, Development and Innovation (RDI) Fund. The new initiative aims to transform India’s innovation ecosystem and encourage greater private-sector participation in high-impact scientific research.
The RDI Fund is designed to strengthen collaboration between industry, academia and government institutions. It will not directly invest in companies or start-ups. Instead, the fund will operate through a two-tier structure. At the first level, a Special Purpose Fund (SPF) will be created under the Anusandhan National Research Foundation (ANRF) to manage the overall corpus. At the second level, the fund will be channelled through Alternative Investment Funds (AIFs), Development Finance Institutions (DFIs) and Non-Banking Financial Companies (NBFCs). These institutions will evaluate and select projects through independent investment committees.
This move comes as part of India’s long-term goal to shift from being a technology consumer to becoming a global technology creator. The Prime Minister said that India must lead in sectors such as artificial intelligence, deep technology, semiconductors and biotechnology. The RDI Fund is seen as a major step toward achieving the vision of ‘Viksit Bharat 2047’ making India a developed nation by the 100th year of independence.
During the conclave, Modi highlighted that India’s research and development expenditure has grown significantly in the last decade. He mentioned that the country now has more than 6,000 deep-tech start-ups operating across diverse sectors. The Prime Minister also released a vision document and a coffee-table book that showcase India’s scientific milestones and innovation journey.
The Department of Science and Technology (DST) will serve as the nodal agency managing the RDI Fund through the ANRF. The fund’s detailed framework is still being developed, and it will be implemented in phases. Projects chosen for support will not only aim for quick returns but will also focus on high-risk, high-impact research capable of transforming industries or creating new ones.
However, experts caution that mobilising private investment in long-term research is challenging. Ensuring transparency in the project selection process and maintaining accountability in fund management will be crucial. Additionally, policymakers must balance support between cutting-edge technologies and research areas that address immediate social challenges, such as healthcare, agriculture and environmental sustainability.
The launch of the RDI Fund signals a new chapter in India’s journey toward scientific and technological self-reliance. It sends a strong message that innovation is now at the core of India’s development strategy. For students, researchers, entrepreneurs and investors, this initiative opens new doors of opportunity and collaboration. By encouraging risk-taking and long-term vision, the RDI Fund could mark the beginning of a true research revolution in India.
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